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MUTINY REPORTS MAIDEN ROCKSTEADY IRON RESOURCE

AND EXPLORATION TARGET ESTIMATES

HIGHLIGHTS:

• Maiden JORC ‘Inferred’ Resource of 650,000 tonnes at 54% Fe • Drilling designed to convert to ‘Indicated’ Resource category for Feasibility Studies • Exploration targets of between 1.5 Mt and 4.5 Mt of Hematite iron identified • POW approvals granted for next stage of drilling

Australian resources company Mutiny Gold Ltd (ASX: MYG) announces the maiden JORC-compliant ‘Inferred’ resource for the Rocksteady Iron Project, located within its Gullewa tenement package in the Murchison Region of Western Australia. An independent assessment of historic drilling and exploration undertaken at Rocksteady has been correlated to formulate an initial JORC Resource for the Rocksteady Iron Project of 650,000 tonnes at 54% Fe (Table 1).

Table 1:Rocksteady JORC-Compliant Resource

John Greeve, Managing Director of Mutiny Gold Ltd said “while a Deflector gold–copper mine is our key project, we have a multi-mine strategy which encompasses the development of additional gold and iron mines”. “An immediate opportunity has been identified at the historic Rocksteady iron field and Mutiny is focused on bringing it into production and in generating early cash flow. We have also identified extensions of Rocksteady that may increase the resource base”. “Our Gullewa tenements contain vast mineral wealth including 170km of un-explored banded iron formation. Rocksteady may potentially be just one of several iron deposits to be commercially developed,” said Mr Greeve. Mutiny Gold has also generated exploration targets to test the full strike extent contained within the Rocksteady mining lease, which the Company intends to follow up with future drill programmes.

ResCat Tonnes Fe% SiO2% Al2O3% P% S% Mn% TiO2% LOI%Inferred 650,000 54 13 2.5 0.1 0.1 0.01 1.3 7

Rocksteady Iron JORC Resource

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Rocksteady Iron Background The Rocksteady iron project is part of the Gullewa tenements and is located 6km west (Figure 1) of the Deflector gold-copper project. The tenements have been the subject of sporadic iron exploration over a number of years, with development previously held back by a lack of suitable local transport infrastructure.

Figure 1: Rocksteady Location

The BIF units within the Gullewa tenements host hematite and magnetite mineralisation, similar to those found elsewhere in WA’s growing Mid-West iron region that are currently being mined. The development of the iron assets and their proximity to key infrastructure has been attractive to Mutiny since it acquired the Gullewa tenements in June 2010. The Project is strategically located approximately 50km from a railway, and 200km from the Port of Geraldton. JORC-Compliant Resource Available RC Drilling data from work conducted by Batavia Mining in 2007 was used in conjunction with recent pit wall mapping by Mutiny Gold. Geological and assay data has been interpreted and modelled by Mutiny Gold’s in-house Geologist, Nicholas Jolly using Vulcan geological software. Lynn Widenbar of Widenbar and Associates has reviewed the work, and also generated a check resource estimate using Micromine geological software. Due to the limitations of available data, only part of the estimate can currently be reported as a JORC-compliant resource, with the remainder supporting Mutiny Gold’s conceptual exploration targets. F

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Figure 2: Outcropping hematite mineralisation at Rocksteady Pit

Geology & Geological Interpretation The Rocksteady Iron prospect area is covered by thin cover (0.1-0.3m), underlain by a moderately thick (10-30m) sequence of transported regolith, which masks the Rocksteady BIF and basement geology. Hematite mineralisation is associated with a highly altered tabular BIF, Gold mineralisation is also associated with a significant breccia fault which intersects the BIF south-east, north-west trend. Both the gold and the hematite mineralisation are hosted within the BIF, however, both relate to different mineralisation events and mechanisms, with gold values only proximal to the breccia fault. Iron mineralisation in the BIF is predominantly hematitic, with minor goethite and limonite observed. The overall average of the Rocksteady BIF is approximately 45%, which is unusually high. Higher grade mineralisation usually has a blackish and sometimes vuggy appearance – the so called Rocksteady ‘iron-stone gossan’ reported by previous explorers. A geological model (figure 3) was developed by Mutiny Gold in June 2013 based on the 24 Reverse-Circulation drilling conducted by Batavia Mining in 2007. The total modelled strike length is 250m and up to 100m wide. The BIF unit and mineralisation is open to grid west and south.

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Figure 3: Rocksteady Geological Model

Modelling of the host BIF indicates a flat, tabular unit, which dips 6 degrees to grid 159 degrees. There is also a subtle -2 degree plunge component to 241 degrees. The dip and plunge approximately aligns with previously modelled gold mineralisation completed by Geostat Services in 2004 for Batavia Mining. The host BIF unit ranges in thickness from 1m to 41m, with an average thickness of around 35 metres. Mineralisation (>40%) ranges in thickness from 1m to 35m, with an average thickness of 9 metres. A summary of the other information used in the reported estimate is provided in further details in Appendix 1 and 2 to this announcement. Exploration Target A combined Exploration Target of between 1.5 Mt and 4.5 Mt of hematite mineralisation has been identified to date. These targets include a zone 200m along strike and 100m down dip of the existing JORC Resource, where mineralisation remains open due to insufficient drilling and a further extension of mineralisation through to the tenement boundary.

Assuming widths and grades remain similar to that estimated in the Resource, the first target is estimated to have the potential to contain 500,000 tonnes to 1.5m tonnes of hematite mineralisation with grades ranging from 51% Fe to 56% Fe. (JORC 2012 clause 17: “Potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource”) Note the last line of RC drilling conducted by Batavia in 2007 sits outside the Resource, one drill hole intersected significant hematite mineralisation (BRC190 12m @ 51.7% Fe from 41m). However as this

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was only one hole, 80 metres from the last row of drilling, the JORC resource was only extended half way to the hole.

Figure 4: Rocksteady Exploration Targets

In the second target area, an estimated 1.0m tonnes to 3.0m tonnes of hematite mineralisation with grades ranging from 51% Fe to 56% Fe could be delineated, assuming drilling in the initial target area indicates mineralisation continues along strike at similar widths and grades to the Resource. (JORC 2012 clause 17: “Potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource”) Future drilling Programme of Works (POWs) has received regulatory approval from the relevant government agencies. Regional Exploration The Rocksteady Iron project area aligns with the Mugga trend, which was explored extensively in the 1970s and 1980s for VMS-style copper-zinc mineralisation. Historic reports also indicate ‘iron-rich gossans’, and is currently under investigation by Mutiny for iron mineralisation. F

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Figure 5: Identified hematite occurrences

Early indications from field mapping by Mutiny geologists have discovered occurrences of outcropping hematite mineralisation along the Mugga trend, which extends over 4km distance from Rocksteady. Assessment will include rock chip sampling to ascertain grade for determining further work. Detailed field mapping and rock chip sampling of other prospective BIF horizons within the Gullewa tenement package are planned.

Figure 6: Photo 1 of outcropping hematite Figure 7: Photo 2 of outcropping hematite mineralisation, Mugga –Rocksteady Trend mineralization, Mugga – Rocksteady Trend

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Competent Persons Statement: The Exploration aspects in this report which relates to Exploration Results and Corporate Exploration Target is based upon information compiled by Mr. Nicholas Jolly, Geology Manager, Mutiny Gold Ltd. Mr Jolly is a member of the Australasian Institute of Mining and Metallurgy and has sufficient expertise and experience which is relevant to the style of mineralisation and to the type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Jolly consents to the inclusion in the report of the matters based on his information in the form and context in which they appear. Competent Persons Statement: The Geological aspects in this report which relates to Mining Resource are based upon information compiled by Mr. Lynn Widenbar of Widenbar and Associates. Mr Widenbar is a member of the Australasian Institute of Mining and Metallurgy and has sufficient expertise and experience which is relevant to the style of mineralisation and to the type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Widenbar consents to the inclusion in the report of the matters based on his information in the form and context in which they appear. Forward Looking Statements All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Mutiny Gold Limited (Mutiny) are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’ or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the company, its directors and management of Mutiny that could cause Mutiny’s actual results to differ materially from the results expressed or anticipated in these statements. The company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Mutiny does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing requirements. End For further information, please contact: John Greeve Colin Hay Managing Director PPR Australia Pty Ltd Mutiny Gold Ltd Tel: +61 (0) 8 9388 0944 Tel: +61 (0) 8 9368 2722 Em: mgl@mutinygold.com.au F

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Appendix 1: JORC Estimate Technical Background Drilling Techniques A total of 24 Reverse-Circulation drill holes have been drilled into Rocksteady Iron, with 11 intersecting Banded Iron Formation.

Figure 7: Rocksteady Iron Drill Collar Location

Sampling and Sub-Sampling Techniques The drilling data is spaced on an 80m x 20m pattern. Percussion drill samples have been geologically logged and sampled on 1m increments. Sample Analysis Method All samples were submitted to ALS Chemex (Perth) for full prep and analyses. The Iron Ore suite of elements was determined by fusion/XRF (method ME-XRF11). SG data was sourced from historic production records related to mining of the Rocksteady Gold Deposit. Estimation Methodology The current geological interpretation is based on the Banded Iron Formation as geologically logged. Assay data was composited within the interpreted mineralised envelope. The estimation methodology for iron and deleterious elements used an inverse distance squared interpolation methodology. A search radius of 75m x 25m x 10m was used with minimum and maximum samples of 2 and 12 respectively.

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Block size used is 20m by 10m in the easting and northing directions and 5m vertically; sub blocking to 2m x 1m x 1m was used. No top cuts were applied. Criteria Used for Classification Resource blocks have been classified as Inferred on the basis of data spacing and geological confidence. Cut-off Grade A cut-off grade of 48% Fe was used to define the broad mineralised BIF outline; all material within this domain is reported with no further cut-off applied. Material Modifying Factors Apart from factors considered to determine an appropriate cut-off grade used for reporting, no other modifying factors were considered during the interpretation and estimation of mineralisation.

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Appendix 2: JORC Table 1:

Criteria Explanation CommentNature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.Include reference to measures taken to ensure sample representivityand the appropriate calibration of any measurement tools or systems

Aspects of the determination of mineralisation that are Material to the Public Report.

All samples were submitted to ALS Chemex (Perth) for full prep and analyses.The Iron Ore suite of elements were determined by by fusion/XRF (method ME-XRF11).

In cases where ‘industry standard’ work has been done this would berelatively simple (eg ‘reverse circulation drilling was used to obtain 1 msamples from which 3 kg was pulverised to produce a 30 g charge forfire assay’). In other cases more explanation may be required, such aswhere there is coarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (eg submarine nodules)may warrant disclosure of detailed information.

Drilling techniques

Drill type (eg core, reverse circulation, open-hole hammer, rotary airblast, auger, Bangka, sonic, etc) and details (eg core diameter, triple orstandard tube, depth of diamond tails, face-sampling bit or other type,whether core is oriented and if so, by what method, etc).

Drilling was carried out by Orbit Drilling Pty Ltd using custom RC rig number DR7 mounted on a UD 6x6 – a smaller rig suited to first pass exploration drilling. The nominal hole diameter was 4 ¾ inch. Air capacity was 600CFM @ 350 psi. A 600 cfm @ 500 psi booster/auxiliary was often used.

Method of recording and assessing core and chip sample recoveries and results assessed.

Each 1 metre representative sample was geologically logged using Batavia Mining Standard logging codes on paper. Data was hand entered on excel spreadsheets before being uploaded into a central SQL database.

Measures taken to maximise sample recovery and ensure Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.Whether core and chip samples have been geologically andgeotechnically logged to a level of detail to support appropriate MineralResource estimation, mining studies and metallurgical studies.Whether logging is qualitative or quantitative in nature. Core (or The total length and percentage of the relevant intersections logged. If core, whether cut or sawn and whether quarter, half or all core taken.If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

Each sample was weighed and crushed with >70% -6mm, with the entire sample pulverised with 3% of samples subjected to a pulverising QC test.

Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

No internal QAQC measurements were made.

Whether sample sizes are appropriate to the grain size of the material being sampled.

Samples were collected by reverse circulation drilling at 1m intervals and riffle split to produce a mixed bulk sample

(green plastic bag) and a >1kg sub sample (calico). Selected 1m samples (riffle split calicos) were submitted for iron ore

analyses. These were “F” series samples

Logging was completed using the Batavia Mining standard logging codes, checks against chip trays indicate consistant

application of codes. Every metre drilled was logged

Wet and dry samples were recorded by the logging geologist.

Sampling Techniques and Data

Sampling techniques

Drill sample recovery

Logging

Sub-sampling techniques and

sample preparation

All 1m splits were riffled to produce a 12.5% split for assaying.

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The nature, quality and appropriateness of the assaying and laboratoryprocedures used and whether the technique is considered partial ortotal.

For geophysical tools, spectrometers, handheld XRF instruments, etc,the parameters used in determining the analysis including instrumentmake and model, reading times, calibrations factors applied and theirderivation, etc.Nature of quality control procedures adopted (eg standards, blanks,duplicates, external laboratory checks) and whether acceptable levels ofaccuracy (ie lack of bias) and precision have been established.

Laboratory duplicates, blanks and standards were used for QC.

The verification of significant intersections by either independent or The use of twinned holes.Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.Discuss any adjustment to assay data.

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

Drill planning utilized existing cleared grid lines on the Michelangelo grid. Surveyed star pickets on the 16000E baseline gave sufficient control to set out drill holes using a tape and compass. The nominal spacing 40m with selected infill to 20m.

Specification of the grid system used.Drill azimuth and dip set up was checked by the field geologist at the start of each hole. Drilling was shallow; therefore, downhole surveying was not carried out.

Quality and adequacy of topographic control.

Existing accurate RL information from the database was used to assign the Z component. GPS was used to record the XY component in the MGA system. The GPS XY coordinate was not used to recalculate the measured local XY coordinate.

Data spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient to establish thedegree of geological and grade continuity appropriate for the MineralResource and Ore Reserve estimation procedure(s) and classifications

Drill spacing was a nominal 80m spaced lines with 20m spaced drill holes.

Whether sample compositing has been applied.No sample compositing was done, only 1 metre split samples were collected.

Whether the orientation of sampling achieves unbiased sampling ofpossible structures and the extent to which this is known, consideringthe deposit type.If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a samplingbias, this should be assessed and reported if material.

Drilling and mapping indicated a flat, tabular hematite mineralisation, therefore vertical drill angles did not introduce a sample bias

Sample security The measures taken to ensure sample security.Audits or reviews The results of any audits or reviews of sampling techniques and data. Data was been reviewed by Mutiny Gold Geologists

Quality of assay data and laboratory tests

Verification of sampling and

assaying

Location of data points

Data spacing and distribution

Orientation of data in relation to

geological structure

ALS Chemex laboratories are certified and registered in each region with global application of standard procedures

and audits to maintain standard practice throughout the laboratory network. Our network is linked together

internally by our Global LIMS (GEMS) and for our clients using the state-of-the-art Webtrieve™ system, which

allows our clients to view location, status and data for their projects

The original paper logs have not been located, chip trays checked against a selection of logs indicate logging data

entry is valid.

Criteria Explanation Comment

Type, reference name/number, location and ownership includingagreements or material issues with third parties such as joint ventures,partnerships, overriding royalties, native title interests, historical sites,wilderness or national park and environmental settings.

The Rocksteady Project is located on mining lease M59/391-I, and is authorised for iron. Mutiny Gold holds 100% ownership of the lease under the subsidiary ‘Gullewa Gold Project’.

The security of the tenure held at the time of reporting along with anyknown impediments to obtaining a licence to operate in the area.

Exploration done by other parties Acknowledgment and appraisal of exploration by other parties.A 24 hole RC drilling programme was conducted by Batavia Mining in 2007

Reporting of Exploration Results

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Geology Deposit type, geological setting and style of mineralisation.

The entire Rocksteady prospect area is covered by thin alluvium (0.1-0.3m), followed by moderately thick (10-30m) sequence of transported regolith deposited on in-situ regolith. Basement geology consists of predominantly basalt with banded-iron sequences and felsic porphyry under Rocksteady. Hematite and gold mineralisation are associated with a highly altered tabular BIF. Gold mineralisation is associated with a significant breccia fault which intersects the BIF south-east, north-west trend. Economic gold values are only proximal to the breccia fault. Iron ore mineralisation in the BIF is predominantly hematitic. The overall average of Rocksteady BIF is approximately 45% which is unusually high. Higher grade mineralisation usually has a blackish and sometimes vuggy appearance– the so called Rocksteady ‘iron-stone gossan’ of previous explorers.

A summary of all information material to the understanding of theexploration results including a tabulation of the following informationfor all Material drill holes:easting and northing of the drill hole collarelevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collardip and azimuth of the holedown hole length and interception depth hole length.If the exclusion of this information is justified on the basis that theinformation is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearlyexplain why this is the case.

In reporting Exploration Results, weighting averaging techniques,maximum and/or minimum grade truncations (eg cutting of highgrades) and cut-off grades are usually Material and should be stated.

Where aggregate intercepts incorporate short lengths of high graderesults and longer lengths of low grade results, the procedure used forsuch aggregation should be stated and some typical examples of suchaggregations should be shown in detail.The assumptions used for any reporting of metal equivalent values should be clearly stated.

These relationships are particularly important in the reporting of Exploration Results.

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

Diagrams

Appropriate maps and sections (with scales) and tabulations ofintercepts should be included for any significant discovery beingreported These should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views.

Included in the report

Balanced reporting

Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

Other substantive exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

Outcropping hematite mineralisation within the abandoned Rocksteady open pit has been mapped and sampled

The nature and scale of planned further work (eg tests for lateralextensions or depth extensions or large-scale step-out drilling).

POWs have been approved for RC drilling to test the combined exploration targets.

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Included in the report

Drill hole Information

Data aggregation methods

Relationship between mineralisation widths and intercept lengths

Further Work

Modelling of the host BIF indicates a flat, tabular unit, which dips 6 degrees to grid 159 degrees. There is also a subtle -2 degree plunge component to 241 degrees. The

host BIF unit ranges in thickness from 1m to 41m, with an average thickness of around 35 metres. Mineralisation

(>40%) ranges in thickness from 1m to 35m, with an average thickness of 9 metres. The majority of RC drilling

was vertical, considered appropriate for the nature of mineralisation.

The exploration targets are based on extrapolation of the JORC-compliant 'Inferred Resource', using average

thickness and density values.

Information is outlined in Appendix 2 of this report

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Criteria Explanation CommentMeasures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes.

Database has been reviewed and checked by Mutiny. No paper copies of logging have been located, but checks against chip trays show consistent logging. Selected random of checks of laboratory raw data files have shown the database to be reliable.

Data validation procedures used. Database has been validated for internal consistency between collar and assy data, using Micromine and Vulcan software.

Comment on any site visits undertaken by the Competent Person and the outcome of those visits.

Site visit made by CP during August 2013, viewed drill lines, open cut geology and local outcrop. RC hole chip trays also viewed.

If no site visits have been undertaken indicate why this is the case.Confidence in (or conversely, the uncertainty of ) the geological interpretation of the mineral deposit.

Moderate understanding of in-pit BIF geology, becoming more uncertain towards local grid west with sparser drilling.

Nature of the data used and of any assumptions made. Drill hole collar, assay and geological logging data used. No assumptions made.

The effect, if any, of alternative interpretations on Mineral Resource estimation.

Manual versus computer generated domains make very little difference to interpretation.

The use of geology in guiding and controlling Mineral Resource estimation.

Geological and mineralisation logging and domains used to constrain interpolation.

The factors affecting continuity both of grade and geology. Higher grade Fe mineralisation is confined to BIF sequence, which occurs within basalts, and is overlain by easily distinguishable cover material.

Dimensions

The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.

Resource area is approximately 250m by 5m in plan view, and an average of 9m in thickness, lying typically 10m to 30m below surface. It is also exposed in the Rocksteady open pit.

The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.

Mutiny model uses Inverse distance squared interpolation using Vulcan software. Check model also uses Inverse distance squared interpolation with search distance 75m x 25m x 7.5m (East-West, North-South, Vertical). Micromine software used for estimation. Domained within BIF rock type and sub-domained by Fe grade shells. No top cuts were used. Extrapolation up to 50m only towards known BIF outcrops in the Rocksteady open pit. The CP considers the method appropriate given the relatively small amount of data, and the classification applied.

The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.

Widenbar check model using grade domains in Micromine software returned similar results to Mutiny model.

The assumptions made regarding recovery of by-products. No assumptions madeEstimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation).

All minor elements estimated as for Fe.

In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

Drill spacing is 80x20 with 1m samples; block sizes are 20x10x5.

Any assumptions behind modelling of selective mining units. No assumptions madeAny assumptions about correlation between variables. No assumptions madeDescription of how the geological interpretation was used to control the resource estimates.

Geological logging used to generate BIF and Laterite domains to control estimation.

Discussion of basis for using or not using grade cutting or capping. No top cuts used, as data distributions do not have nuggetty, erratic outliers.

The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

Model checked visually and by comparison of grade statistics against data.

Site visits

Geological interpretation

Estimation and Reporting of Mineral Resources

Estimation and modelling techniques

Database integrity

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MoistureWhether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.

Tonnage is estimated on a dry basis.

Cut-off parametersThe basis of the adopted cut-off grade(s) or quality parameters applied.

Cut off grades are only used to define broad overall constraints for interpolation purposes.

Mining factors or assumptions

Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.

There is an assumption of open pit mining on a moderate scale. Since a broad mineralisation is interpolated and reported dilution is considered to be included in the resource block model.

Metallurgical factors or assumptions

The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.

Metallurgical test work indicates that the Rocksteady BIF can produce a saleable product. As such, no further metallurgical factors are applied within the resource model.

Environmental factors or assumptions

Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a Greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.

There are no know environmental factors which will affect the resource estimate or its potential mining.

Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples.

Bull density assumed at 2.9 gm/cm 3 based on data from Rocksteady pit. No other data is presently available.

The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit.

See above

Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.

See above

The basis for the classification of the Mineral Resources into varying confidence categories.

The resource is classified in the Inferred category only.

Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).

All geological factors and parameters affecting interpolation have been considered in arriving at Inferred classification.

Whether the result appropriately reflects the Competent Person’s view of the deposit.

The Competent Person considers the results to be representative of the deposit, and considers the estimation methods appropriate for the level of classification.

Audits or reviews.The results of any audits or reviews of Mineral Resource estimates. Comparisons between Mutiny and independent Widenbar

model show good correlation.

Classification

Bulk density

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Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate.

At this stage, due to lack of data it is not possible to quantify the accuracy of the resource estimate. This is reflected in the Inferred classification.

The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used.

Resource estimate is global.

These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.

No available production data related to iron mineralisation, as the Rocksteady pit was mined for gold. Pit mapping confirms the presence of hematite mineralisation in the BIF domain.

Discussion of relative accuracy/ confidence

For

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Appendix 3: Drill Collar Data

HOLE GDA94 E GDA94 N ZONE DEPTH RL DIP AZIMUTH METRES FE %BRC171 429102 6825756 50 54 315.5 -90 0 31 46BRC172 429087 6825770 50 51 315.8 -90 0 41 53BRC173 429072 6825785 50 46 315.6 -90 0 22 53BRC174 429056 6825822 50 30 316.3 -90 0 10 45BRC175 429037 6825856 50 56 317.5 -90 0BRC176 429017 6825891 50 45 318.5 -90 0BRC177 429034 6825711 50 60 317.2 -90 0 16 48BRC178 429012 6825744 50 57 317.4 -90 0 20 47BRC179 428990 6825778 50 40 317.8 -90 0BRC180 428970 6825815 50 40 318.4 -90 0BRC181 428949 6825848 50 28 319.1 -90 0BRC182 428815 6825910 50 20 323.3 -60 332BRC183 428839 6825877 50 40 322.5 -60 331BRC184 428859 6825843 50 28 321.4 -60 331BRC185 428880 6825809 50 28 320.2 -60 330BRC186 428901 6825775 50 51 319.4 -60 332BRC187 428922 6825737 50 40 319 -60 332BRC188 428943 6825705 50 50 318.5 -60 332BRC189 428962 6825674 50 60 318 -60 332BRC190 428988 6825633 50 54 317.5 -60 332 29 44

ROCKSTEADY IRON DRILLING DATA

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